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Crypto Conglomerate DCG Suspends Dividends Amid Distress at Genesis Unit
"In response to the current market environment, DCG has been focused on strengthening our balance sheet by reducing operating expenses and preserving liquidity," it told shareholders in a letter Tuesday.
Cryptocurrency conglomerate Digital Currency Group has informed its shareholders the firm is suspending dividends until further notice.
"In response to the current market environment, DCG has been focused on strengthening our balance sheet by reducing operating expenses and preserving liquidity. As such, we have made the decision to suspend DCG's quarterly dividend distribution until further notice," DCG said in a letter to shareholders sent on Tuesday.
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DCG, which owns CoinDesk and other crypto companies, has become embroiled in the financial distress at its once-prolific lending platform Genesis. DCG owner Barry Silbert has been locked in negotiations with billionaire entrepreneurs Cameron and Tyler Winklevoss, whose crypto exchange Gemini offered a lending product that fell apart because Genesis, its partner, halted customer withdrawals.
A spokeswoman for DCG did not respond to a request for comment by press time.
Ian Allison
Ian Allison is a senior reporter at CoinDesk, focused on institutional and enterprise adoption of cryptocurrency and blockchain technology. Prior to that, he covered fintech for the International Business Times in London and Newsweek online. He won the State Street Data and Innovation journalist of the year award in 2017, and was runner up the following year. He also earned CoinDesk an honourable mention in the 2020 SABEW Best in Business awards. His November 2022 FTX scoop, which brought down the exchange and its boss Sam Bankman-Fried, won a Polk award, Loeb award and New York Press Club award. Ian graduated from the University of Edinburgh. He holds ETH.
